Hello Friends 🌸
As can be seen in the picture, the price has hit the $18,000 to $18,500 area several times and has continued its upward trend again. The long shadows formed in these areas by the blue arrow show the strength of buyers over sellers in the $18,000 area. Recently, in the 4 hour timeframe of Bitcoin, we see the formation of higher low (LH) than the low (L). This upward trend has been stopped about a week ago by hitting the $21,110 level; As we can see in the RSI indicator, with the increasing pressure of the sellers in the range of the red circle, this indicator is above the number 70. If the price can stabilize above the $21,110 level (its previous pivot), it has the ability to reach the $21,400 and $21,700 targets, and if it stabilizes in these areas, the price is expected to react to the $22,500 resistance area. Otherwise, with the loss of the $20,000 area, the support areas are $19,300, $18,700, and $18,100.
Arztoday Team 🌈
Analyzer ✍: A.R Rashidi
As can be seen in the picture, the price has hit the $18,000 to $18,500 area several times and has continued its upward trend again. The long shadows formed in these areas by the blue arrow show the strength of buyers over sellers in the $18,000 area. Recently, in the 4 hour timeframe of Bitcoin, we see the formation of higher low (LH) than the low (L). This upward trend has been stopped about a week ago by hitting the $21,110 level; As we can see in the RSI indicator, with the increasing pressure of the sellers in the range of the red circle, this indicator is above the number 70. If the price can stabilize above the $21,110 level (its previous pivot), it has the ability to reach the $21,400 and $21,700 targets, and if it stabilizes in these areas, the price is expected to react to the $22,500 resistance area. Otherwise, with the loss of the $20,000 area, the support areas are $19,300, $18,700, and $18,100.
Arztoday Team 🌈
Analyzer ✍: A.R Rashidi
